Investors Skeptical Over More M&A for Kirin

Investors understand the need for Japanese companies to pay up for growth overseas. But Kirin Holdings shareholders, remembering the bitter taste of an earlier acquisition, don’t like the sound of an imminent deal in Singapore.

Kirin said Friday that it has decided to tender its 15% stake in Singapore’s Fraser & Neave Ltd. after a company owned by Indonesia’s Riady family lobbed a higher bid for F&N at S$9.08 each, compared to an earlier S$8.88 bid from Thai billion Charoen Sirivadhanabhakdi. It would then buy Fraser & Neave’s food and beverage business for about S$2.7 billion.

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